The collective is the public, all networked as we are, identifying the systemic problems we see in the existing system, searching and researching the reasons why, at the root of it all, and having a general collective wish for the best for all, accepting it all needs to be fixed.
In a weird kind of way, we are already making it happen, by exchanges just like ours, all over the internet.
I think now we are starting to see the real definition of value, at the heart of Metcalfe’s law, working like this, in collaboration, all networked, all gaining visibility of the true sources of the issues (everyone is learning how to filter even the most subtle misinformation), we are starting to see the full capability of that law kicking into action.
This system will happen one way or another, all we need to do is show that it meets the needs of all stakeholders, and it will happen, I believe.
On whether or not there should be appointed regulatory bodies, I don’t see why it could not come about automatically, where folk see needs, and are inclined to working towards any particular project, regulatory or otherwise, they will create the project and focus some of their investment capability, attracting more from others who evaluate it positively, adding value again to the collective, and the planet.